Webuild has signed a contract with the Deloitte Administrators of Clough Limited in Australia to acquire assets of Clough, which is the contractor for the Snowy 2.0 pumped storage project.
The final acquisition perimeter comprises Clough’s organization — including offices, trademarks, credentials, business references, senior management and office personnel – and more than €4 billion (US$4.3 billion) of projects in backlog (as of end 2022), including the related project workforce.
The integration of Webuild and Clough guarantees the continuity of Clough’s projects and ongoing employment for 1,100 Clough employees, according to a release. The agreement will allow the delivery for all levels of government, local communities and businesses involved. The transaction also ensures subcontractors and suppliers contracted to projects within the perimeter will be paid to complete their contracted works, Webuild said.
The total value of the transaction is about €23.4 million ($25.1 million). The acquisition remains subject to obtaining certain consents from third parties involved in the operation, including the approval at the second meeting of creditors expected to be held by mid-February 2023.
